Dhaka, Tuesday, 13 August 2020

Business

Bangladesh forex reserves hits record $35 billion

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Update: 2020-06-24 23:46:59
Bangladesh forex reserves hits record $35 billion

DHAKA: The country's foreign exchange reserve reached to all-time high at $35 billion thanks to surging remittance despite the coronavirus pandemic.

The reserve hit new record on June 23 in just 20 days of hitting $34 billion mark on June 3 this year. 

Bangladesh Bank sources said sSatisfactory remittance inflow and disbursement of aid by the developing partners helped the foreign exchange reserves up.

From July 1, 2019 to June 10, 2020, the expatriates sent $17.06 billion, thanks to the government budget declaration of 2 percent incentive, according to the central bank data.

In 2018-19 fiscal year, the country received $16.41 billion remittance and the figure was $14.98 billion in 2017-18. 

For the first time, the country's remittance inflow crossed $17 billion mark in a fiscal year despite a recent fall for the Covid-19 pandemic.

Over 10.02 million Bangladeshis are now working in 174 countries across the world. In 2019-20, Prime Minister Sheikh Hasina announced 2 percent incentive on money remitted by the expatriate Bangladeshis.

The objectives were to mitigate the burden of increased expenses in sending foreign remittance through legal channels.

In this regard, Dr Ahsan H Mansur, Executive Director, Policy Research Institute of Bangladesh (PRI) told Banglanews: “I don't see any flow of income now for surging remittance at this moment. Indeed, it is not the money earned by the expatriate Bangladeshis, it is rather the amount they saved. They may return home at any time. Many expatriates will lose their jobs as oil prices begin to fall in Middle-East countries. So, a large part of these expatriates will have to return home.” 

BDST: 1946 HRS, JUN 24, 2020
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